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Odisha bags investments of Rs 70000 crore at Make in India event

Odisha received investment proposals to the tune of Rs 70,959 crore in various sectors including manufacturing and renewable energy at the Modi Government’s flagship ‘Make in India’ event in Mumbai.

While L&T has plans to invest Rs 12,000 crore in Odisha to set up an integrated alumina plant in Rayagada district, ITC plans to set up a food processing plant at an investment of Rs 800 crore.

ITC is also developing a 10,000 hectares of agro forest that will provide livelihood opportunities for locals and also would help in generating raw material for its paper business.

Meanwhile, aluminium major NALCO has also committed an investment of Rs 20,550 crore for expanding their plant at Damanjodi and setting up at aluminium park at Angul.

Besides, GMR is looking to expand its power plant, US-based global electronics manufacturing services provider Sanmina is planning to set-up a facility and mining conglomerate Vedanta is planning to commission a downstream industrial park in the state.

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Odisha Chief Minister Naveen Patnaik said during last one and half decade, Odisha has a remarkable political stability and a progressive and robust governance system which are essential to development.

It has made all stupendous progress in all socio-economic indicators and is generally a quite peaceful state providing the most ideal environment for investment, he added.

“Now it is emerging as a manufacturing hub on the east coast of India. The state witnessed a robust economic growth of over 8 percent in 2014-15 and is poised to grow at 12 percent by 2020. The government’s efforts in expanding the industrial base and promoting value addition are triggering enhanced industrial growth,” said Patnaik.

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Noting the state’s investor-friendly new Industrial Policy-2015, he said it offers innovative features including incentives to industries with high employment potential and anchor industries.

Patnaik also said the government is finalising a new “start-up’ policy to boost the start-up ecosystem in the state.

The investments have come in from various Indian conglomerates along with half a billion investment from Israel in defence sector.

“We have received commitment of over Rs 70,000 crore from sectors like manufacturing to food processing and renewable energy. Odisha has become a choice for investors due to availability of skilled labour, political stability and resources,” Odisha Industries Minister Debi Prasad Mishra told reporters.

Mishra further said ambassadors of Japan, Korea and an official delegation from China had met the state’s Chief Minister Naveen Patnaik and have shown interest in partnering with the state.

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